Consumer stocks were moderately higher in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF climbing 0.5% while the SPDR Consumer Discretionary Select Sector ETF was rising 0.1%.
In company news, Shake Shack (SHAK) climbed 7% after Piper Sandler Wednesday increased its price target for the restaurant chain by $32 to $110 a share and reiterated its overweight rating for the company's stock.
Lordstown Motors (RIDE) rose 2.8% after the light-duty electric truck company Wednesday said it has accepted an invitation from the US Department of Energy to begin the due diligence process to secure an advanced technology vehicle manufacturing loan. The loan program was authorized through legislation passed by Congress in 2007 to support the production of eligible light-duty vehicles and qualifying components in the US.
Walgreens Boots Alliance (WBA) was 2.8% higher after the pharmacy retailer late Tuesday said it was acquiring a majority stake in pharmacy fulfillment company iA and helping fund the development of its pharmacy automation system allowing users to centralize their medication dispensing processes. Financial terms of the investment were not disclosed. Walgreens Wednesday also said it will offer credit cards and a prepaid debit card in partnership with Synchrony Financial (SYF) and Mastercard (MA).
Among decliners, Big Lots (BIG) fell 1.4% after the retailer Wednesday said it expects to earn between $2.40 to $2.50 per share during its fiscal Q4 ending Jan. 31, up from $2.39 per share during the same quarter last year but still trailing the Capital IQ consensus looking for a $3.02 per share quarterly profit.